Ohio introduces a bill to pay state fees in cryptocurrency

The document will also allow public universities and a pension fund to invest in digital assets

01.10.2024 - 15:50

3 min

What’s new? Ohio State Senator Niraj Antani has introduced a bill that would require local governments to accept cryptocurrency to pay state taxes, fees, and fines, and make other payments. The document would also allow state universities and a pension fund to invest in digital assets if desired.

Source: X.com

What else is known? According to the bill, the local tax office must compile a list of cryptocurrencies that will be accepted for payment. At the same time, the institution is at liberty to require citizens to cover any fees associated with crypto transactions.

Niraj Antani reminded in his press release that Ohio was the first in the United States to approve paying taxes in cryptocurrency back in 2018. However, the initiative was never implemented because it was not approved by the banking regulator.

The document also defines cryptocurrency:

“‘Cryptocurrency’ means a digital representation of value […] for which there is a reasonable expectation that it will maintain a stable value relative to a fixed amount of monetary value.”

Separately, it is noted that the term “cryptocurrency” does not include a national currency. Thus, Antani is not seeking to require government agencies to accept payments in digital dollars, which fall under the category of central bank digital currencies (CBDCs).

The Fed has previously noted that it has no plans to launch a digital dollar in the near term. However, even before that, the asset was criticized by many politicians who pointed out the risks of surveillance and financial censorship. Such statements were made by Robert Kennedy and Senator Ted Cruz. Some states, including Florida and North Carolina, have already banned the digital dollar.